Having Trouble Saving Money?
Do you have trouble saving money? Hello everyone! Good to see you again.
I know from personal experience how hard it can be. I have always had a problem with it.
I have this attitude that once all my bill payments have cleared, I can now spend whatever is left over on whatever I want. I never worried about having savings. It took me a long time to realize the flaws in that concept.
What happens when you don’t have savings? What happens when your car breaks down? How about home repairs like when your dishwasher breaks or your oven? When these emergencies happen, and you don’t have any savings set aside, your credit card debt goes up, or you take out a personal loan to alleviate the problem.
All of this is a snowball effect! Once your debt goes up, you pay more interest! You give more of your money away to a financial institution and that further impedes your ability to save money! It is time to make some changes!
I know all of this from experience! Up until a few months ago, I have never worried about having an emergency fund saved up! I still don’t have a large enough one, but I am working on it! I am making it a priority!
One of my favorite methods for saving money.
Have you ever heard of Digit?
I can’t say enough good things about this service, as someone who continually struggles with saving money!
I have been using this since February 2015, and if I am not mistaken, it was brand new at that time. It has been invaluable to me, and I have never had any issues with it.
What has this service done for me? Well, I paid off my vehicle and a credit card using savings that I otherwise wouldn’t have had! Yes, I should have left at least some of that in there for my emergency fund! That is what I am doing now!
I remember reading about this service while it was still under development. Maybe I am nieve, but when I read that Google had invested in it, I decided right then that it must be a legit service. Surely Google did their homework!
How does Digit work?
Digit is super easy to use. You sign up and link your banking account. That’s it, that’s all you have to do to have it start saving money for you!
I won’t get into the technical side of things, because I don’t completely understand that part of it. All I know is they use an algorithm that monitors your bank account. It decides if/when you can save a little money. Then it takes the money from your account and puts it in your Digit account.
The funds it transfers differ and again is based off the algorithm the system uses. You can adjust it to save more or save less in your Digit account settings.
Sometimes it transfers 25 cents, another it might be 14 dollars. One thing I know for sure, in my situation, is I have never missed the money. That’s what I like. I can afford to transfer the funds to Digit for my savings.
There are other services out there similar to this one but work differently. I have looked into many, and I don’t like the way they work.
Start saving money now!
There are so many reasons to have some money in savings. As already stated, have an emergency fund. You could also be saving for a college fund, Christmas fund, boat fund, new vehicle fund, home down payment fund, etc.
I want to suggest for all of you without savings; please save up some money for an emergency fund FIRST! If you don’t have that, you likely will NEVER be able to pay off debt, or even save towards any other goals!
It doesn’t matter if you use Digit or another similar service. Maybe you merely use better self-control than I do. However you have to do it, please start setting aside some money! Start saving NOW! Have that emergency fund set aside!
Let’s kick our consumer debt out of our lives for good!!
Have a beautiful day and please, don’t forget to comment below with any advice or feedback!
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YOUR TURN – What is your favorite method of saving money? Do you have a trick/method to make it easier? Do you manage and control your money better than I do? Leave a comment and let me know!